ASIC hits ASX pump-and-dump crew with criminal charges

Ronald Mizen, Maxim Shanahan, Jonathan Shapiro and Tom Richardson

Jul 23, 2024 – 11.01am

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The corporate watchdog has filed criminal charges against four alleged ring leaders of a penny-stock pump-and-dump scheme run through the Telegram messaging app during the pandemic lockdown market mania.

The matter involving Syed Yusuf, Larissa Quinlan, Emma Summer, and Kurt Stuart was before the Downing Centre Local Court on Tuesday, but the four were not required to enter pleas.

Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra.

Maxim Shanahan is a professional services reporter at the Australian Financial Review.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.

Tom Richardson was a journalist at The Australian Financial Review